The International Monetary Fund last week ripped the Biden administration’s out of control spending, calling it “out of line with what is needed for long-term fiscal stability.” According to the New York Post, the IMF, an international organization aimed at fighting financial crises across the globe, warned that ever-growing national debt in the U.S. poses a long-term risk to the global economy.
“Something will have to give,” the IMF cautioned in foreword of the World Economic Forecast published on Tuesday.
“The exceptional recent performance of the United States is certainly impressive and a major driver of global growth,” the IMF said. “But it reflects strong demand factors as well, including a fiscal stance that is out of line with long-term fiscal sustainability.”
Unfortunately, the Biden administration has shown no intention of slowing down its spending.